Mask Network Founder Suji Yan’s Wallet Hacked, Nearly $4 Million in Cryptocurrency Stolen
According to a report from the blockchain network security platform Cyvers Alerts, the wallet of Mask Network founder Suji Yan appears to have been hacked, with a suspicious address receiving nearly $4 million worth of cryptocurrency from Yan’s wallet. This incident is the latest case in a series of high-profile cryptocurrency thefts, highlighting the growing security threats in the crypto space.
(Bybit CEO declares war on North Korean hacking group Lazarus, offering a reward of $140 million to recover stolen funds)
Mask founder robbed of $4 million, suspect believed to be someone nearby?
According to the report by Cyvers Alerts, on February 27, the platform detected suspicious transactions flowing from addresses associated with Suji Yan. An unknown address received approximately $4 million worth of cryptocurrency, primarily in Ethereum (ETH) related tokens.
“Six hours ago, I turned 29. About three hours ago, $4 million in assets from one of my public wallets was stolen. All the stolen transactions appear to be manual transfers and lasted over 11 minutes.” … https://t.co/9EXNbAwQ6o
— Suji Yan – Mask is BUIDLing (@suji_yan) February 27, 2025
Specifically, the stolen digital assets included:
– 113 ETH (worth over $265,000 at the time)
– 923 WETH
– 301 ezETH
– 156 weETH
– 90 pufET
– 48,400 MASK
– 50,000 USDT
– 15 swETH
Following the initial theft, these funds were quickly exchanged for ETH and dispersed to six different wallet addresses. The rapid conversion and dispersal of the funds indicate an intention by the hacker to obscure the flow of the money.
Suji Yan later confirmed the incident on social media platform X, admitting it occurred on his 29th birthday. He stated that the funds were stolen from a public wallet on his mobile phone, and the transaction process lasted over 11 minutes. He speculated that it was a manual operation by someone with malicious intent:
“If my private key had not been leaked on my birthday, and the hacker had not manually transferred the funds, it could have been an offline attack. At that time, I was at a private gathering with a dozen friends, and for a few minutes my phone was out of reach, like when going to the restroom. I trust my friends, but this situation is a nightmare for anyone.”
Yan also stated that the funds were his personal assets and had no relation to the company, funds, or investors.
Cyvers: Escalating cybersecurity challenges in the crypto space
Meir Dolev, co-founder of Cyvers, expressed concern that the hackers’ swift actions and fund dispersal strategies indicate a meticulously planned attack. With a surge in cryptocurrency hacking incidents at the beginning of 2025, the entire industry needs stronger security measures:
“This incident highlights the growing sophistication of cybersecurity attackers in the crypto space and emphasizes the urgent need for real-time transaction monitoring, preventive measures, and rapid incident response.”
This is not an isolated case. Just a few days prior, the cryptocurrency exchange Bybit experienced the largest hacking attack in history, amounting to $1.4 billion. These continuous and large-scale attacks have shocked the cryptocurrency community and prompted the industry to re-evaluate security measures.
(Bybit hacking incident revealed: Front end of multi-signature wallet Safe was compromised, supply chain attacks remain a concern)
Suji Yan responds: The crypto industry should not be a dark forest
Suji Yan stated on X that he has sought assistance from the cybersecurity team SlowMist and on-chain detective ZachXBT for the investigation and is cooperating with law enforcement. He emphasized that he would not speculate on the cause of the incident or make further comments until experts provided more details.
Yan also mentioned that if this was an offline attack, he would like to confront the attacker in person and called for enhanced accountability in the cryptocurrency industry, stating that this field should not operate like a “dark forest.”
This incident has not only caused significant losses for Mask Network founder Suji Yan but has also sounded the alarm on cryptocurrency security once again. From Bybit to this latest case, hacking attacks at the beginning of 2025 have become increasingly rampant, prompting the industry to adopt more advanced real-time monitoring tools and preventive strategies to protect this rapidly developing ecosystem.
Risk Warning
Investing in cryptocurrency carries a high level of risk, and its prices can be highly volatile. You may lose all of your principal. Please assess the risks carefully.
